GCEX’s new Bitcoin and Ethereum options are available to institutions that meet its professional client criteria. Buyers can lose the entire premium they pay, while sellers can lose more than the premium they receive.
GCEX has launched call and put options on Bitcoin (BTC) and Ethereum (ETH), according to its October 22 announcement. Hedge funds, asset managers, family offices and other firms meeting its professional client criteria can access the over-the-counter desk. GC Exchange Limited, the group’s UK entity, provides the options service.
Quotes come from the OTC desk; reports appear in XplorPortal
Clients request an options quote directly from the GCEX desk. The firm sources pricing from liquidity providers it describes as Tier 1. Orders therefore go through the broker’s desk, rather than being submitted by the client directly to an exchange order book.
Clients will see their positions, expiries, valuations and settlements in XplorPortal alongside their existing digital asset and foreign exchange trades. GCEX has not announced an automated order-entry screen or round-the-clock trading.
Founder and CEO Lars Holst said institutional clients wanted to manage their digital asset exposure without opening an account at another crypto exchange. GCEX intends to retain the onboarding and reporting arrangements clients already use. Holst said the firm would review the product range in line with demand; no additional underlying assets were announced for the launch.
“We hedge every trade with our liquidity providers”
Lars Holst, GCEX founder and CEO, October 22, 2026 announcement
European-style options can be exercised only at expiry
The initial contracts have monthly expiries and use European-style exercise. The label describes when the holder can exercise the option, rather than where the client lives: exercise is permitted only at expiry. The Options Industry Council’s explanation contrasts that restriction with American-style options, which can also be exercised before expiry.
GCEX will settle the contracts in fiat currency instead of delivering Bitcoin or Ethereum at expiry. The company has not listed the settlement currencies or the exact dates within its monthly expiry schedule.
| Feature | Announced terms |
|---|---|
| Underlying assets | Bitcoin and Ethereum |
| Option types | Calls and puts |
| Expiry and exercise | Monthly expiries; European-style exercise only at expiry |
| Settlement | Fiat currency |
| Clients | Eligible professional and institutional clients; retail clients excluded |
OIC’s short video dated March 6, 2020 explains the difference in exercise timing between American-style and European-style options. It provides general background on options, not a demonstration of GCEX’s new service.
Buyers risk their premium; sellers can lose more
GCEX says clients can use the options to hedge existing digital asset holdings, sell options against assets they own, or buy options with losses limited to the premium paid. A premium is the amount the buyer pays for the option, and the buyer can lose that amount in full.
A seller receives a premium but can lose more than that amount, even when GCEX hedges its own trades. The company describes options as complex instruments carrying a high degree of risk.
Separate entities provide options and spot trading
The FCA Register lists GC Exchange Limited under reference 828730 as authorised since April 23, 2019. Its permissions include arranging options transactions and dealing as agent or principal for professional clients and eligible counterparties. The register also states that the firm cannot hold or control client money.
The FCA permissions and restrictions apply to the UK company. The group’s spot digital asset trading and conversion services remain with GC Exchange A/S in Denmark. GCEX says the Danish entity is authorised as a crypto-asset service provider under MiCA.
The FCA explains that Financial Ombudsman Service or FSCS protection depends on the activity and other conditions. The relevant body decides whether to consider each complaint or claim; registration alone does not guarantee compensation.
Terms not disclosed: GCEX did not disclose minimum contract sizes, fees or margin requirements in the announcement. Institutions will need to establish costs, settlement currency and the precise expiry date when requesting a quote.
